Largest-Ever Loss of an Individual’s Fortune- Elon Musk sets the New World Record
Elon Musk has set a record for the biggest loss of personal wealth in history, stated Guinness World Records. The global company, which monitors a wide range of statistics, reported that some sources suggest Musk has lost more like $200 billion, citing Forbes’ estimate that Musk has lost about $182 billion since November 2021.
While the exact amount is unknown, it appears that Musk’s losses likely top those of Japanese tech billionaire Masayoshi Son, who lost $58.6 billion in 2000, the previous record-holder. Musk’s net worth, according to Forbes, fell from a high of $320 billion in November 2021 to $137 billion on Tuesday. The magazine ascribed Musk’s sharp loss in net worth to the 65 percent decline in Tesla stock, of which he is CEO and the largest shareholder.
According to Forbes, the reduction happened almost entirely after Musk declared his April acquisition of Twitter for $44 billion. In an effort to raise the money for his acquisition of the social networking firm, Musk sold $7 billion worth of Tesla stock, followed by another $4 billion in November. Last month, he sold an additional $3.58 billion in stock, bringing his overall sell-off to more than $23 billion since April.
Because to Tesla’s falling stock, Bernard Arnault, the French fashion and cosmetics tycoon, surpassed Musk as the world’s richest person. Following Musk’s purchase of the site, several businesses have suspended their Twitter advertising, leading to what Musk has dubbed “a tremendous loss in revenue.” Financial analysts have claimed that Musk looks to be utilising funds from Tesla to boost Twitter financially as it works to pay off its enormous debt.
According to Guinness, Son, the former record-holder, had his net worth decline from $78 billion to $19.4 billion as a result of Softbank being “wiped out” in the “dot-com” meltdown. The group highlighted that the company finally purchased a number of British and American technological firms, which allowed it to recover. We won’t be shocked to see Elon Musk bounce back too at some point in the future, the Guinness article said, as he continues to develop his own tech company.
The purchase of Twitter by Musk
Nobody anticipated what would happen after the Elon Musk’s acquisition of Twitter. Musk occasionally made headlines for a variety of reasons, including letting go of the company’s top executives shortly after taking on his new position, tussling on social media with former workers, sending upsetting emails to the entire organisation, changing how the business conducted its daily business, and other things. Because of this, Twitter was no longer a desirable place to work anymore, and the bulk of its employees had either been fired or had left.